Building a stablecoin in 2021 meant designing crazy collateral mechanisms. And building one now means understanding CEX liquidity and regulatory frameworks (plus a looot more) @HadickM from @dragonfly_xyz breaks down what changed, why compliance isn't optional anymore, and how tokenized assets can unlock efficiency. Timestamps: 00:00 - Why stablecoins still matter 03:10 - From Goldman to Dragonfly 05:22 - Fiat vs crypto rails 08:45 - How Ethena scaled yield 13:00 - OnChain vs hybrid models 18:26 - Role of PSPs and banks 22:40 - Composability + capital efficiency 28:01 - Card rails explained 32:40 - Liquidity, friction, and FX costs 36:22 - The CEX integration advantage 41:00 - Collateral mobility and market hours 46:10 - Tokenized credit and real yield 50:00 - What's next